Self-invested personal pension

A self-invested personal pension (SIPP) is like a grown-up piggy bank where you can save money for when you are old like grandma and grandpa.

But instead of just keeping your money in the piggy bank, you can choose different things to invest your money in. It's like choosing what kind of candy you want from the store, but instead of candy, you pick things called investments like stocks, bonds, or even property.

Investments are like growing seeds in a garden. You put some money in and if things go well, you can get more money when you take it out. But sometimes plants don't grow so well, and sometimes investments don't make you more money, so you have to be careful with what you choose.

Once you reach the grand old age of 55, you can start taking the money out of your SIPP slowly, like dipping into your piggy bank for some allowance. But remember, the money in the SIPP is for when you retire, so don't take too much out too quickly or you will have less money when you really need it.

Overall, a self-invested personal pension is a way to save for when you are older by choosing what you want to invest your money in.